Aspen Group Limited · ASX:APZ
Aspen — FY2026 Earnings Presentation
44 slides from Aspen's earnings presentation, Aug 18, 2026
Slide 1: FY26 Financial Results Presentation
Aspen Group FY26 Financial Results Presentation 18 August 2026 For personal use only Open Road Ahead – Upgraded FY27 Guidance and New Development Approvals
Slide 2: Contents
Aspen Lifestyle Sierra WA Contents 1. Aspen Overview For personal use only 2. FY26 Financial Results 3. Capital 4. Outlook and Guidance Appendix: Property Portfolio Debt Facility & Hedging 2
Slide 3: Overview
1 For personal use only Overview Ravenswood WA 3
Slide 4: Aspen Group: Owner, Operator, Developer, Capital Manager
Aspen Group Owner Proprietary mindset – Aspen owns 100% of its properties and projects with no joint venture, profit Specialist Provider of Quality Rental sharing or fund interests and conflicts to consider Accommodation on Competitive Terms For personal use only Operator Maximising profitability th
Slide 5: Disciplined Growth in Platform and Portfolio to Match Accelerating Opportunities
Disciplined Growth in Platform and Portfolio to Match Accelerating Opportunities Continued expansion and deepening of the management team while embedding our culture and values Providing outstanding career progression for our future leaders who all participate in Aspen’s share plan, fostering an
Slide 6: Aspen's Quality, Low-Cost Rentals are Scarce and Essential
Aspen’s Quality, Low-Cost Rentals are Scarce and Essential Proportion of Rentals Advertised at Various Rents1 Affordable Rentals v. Household Income 2025-263 For personal use only 100% 100% Proportion of Advertised Rentals that Households can Afford Plentiful ~$1,000pw2 Demand collapsing – high inco
Slide 7: Government Contribution to the Affordable Housing Crisis
Government Contribution to the Affordable Housing Crisis Change in Supply of Rentals - 25 Years to 20211 About 35% of households rent, mostly because they cannot afford Million Dwellings to buy or prefer the flexibility. Most cannot afford the economic rent for new supply which is why rental stock
Slide 8: Financial Results FY26
2 For personal use only Financial Results FY26 Aspen Lifestyle Wodonga Gardens VIC 8
Slide 9: Pre Tax Comprehensive Income up 17% to 45cps – 18% ROE
Pre Tax Comprehensive Income1 up 17% to 45cps – 18% ROE2 Pre Tax Comprehensive Income per Security Distributions and Increase in NAV (pre DTL)3 $0.70 $0.70 Aspen profitably creates and retains scarce real estate with solid, growing rental streams, and funds this effectively, For personal use only $0
Slide 10: Consistent Strong Growth in Underlying EPS and NAV
Consistent Strong Growth in Underlying EPS and NAV Underlying Pre Tax EPS1 21.8 cents DPS 11.0 cents NAV2 $2.88 up 30% on FY25 up 10% on FY25 up 13% on 30 June 2025 For personal use only Underlying Pre Tax EPS (cents)1 Net Asset Value per Security (pre DTL)2 25 $3.50 23% CAGR since FY19 14% CAGR sin
Slide 11: Aspen's Underlying Earnings Growth Accelerated in FY26
Aspen’s Underlying Earnings1 Growth Accelerated in FY26 FY25 FY26 Change Rentals Rent Revenue2 $67.4m $76.0m 13% - Long stay essentially full Net Rental Income (NRI) $35.0m $42.4m 21% - Short stay occupancy varied across properties – mixed tourism, good corporate demand, some refurbishment disruptio
Slide 12: Rental Pool Performance
Rental Pool Performance FY26 Average Net Rent up 15% v Rental Pool Size up 6% x = Total Net Rental Income1 up 21% FY25 (Avg. Gross Rent up 6%) For personal use only Rental Pool Average Weekly Rent per Total Rental Revenue and Net Rental 4,300 Dwelling/Site Income1 ($m) $400 $80.0 4,200 4,222 $76.0 $
Slide 13: Keeping Rents Affordable while Extracting Higher NRI Margin
Keeping Rents Affordable while Extracting Higher NRI Margin Average Weekly Rent per Dwelling/Site and NRI Margin Since FY20 average gross rent increased 5% per annum - average net rent increased 10% per annum For personal use only NRI margin expected to trend higher with increasing weighting to high
Slide 14: Different Property Types – Same Residential Market Dynamics
Different Property Types – Same Residential Market Dynamics FY26 Average Weekly Gross Rent1 Residential (dwellings) Parks (mixture) Lifestyle (land sites) Total Portfolio $379 $380 $223 $346 For personal use only High growth markets - Perth, Improved rate/occupancy mix High volume growth – roughly h
Slide 15: Coorong Quays and Alexandrina Cove
Coorong Quays and Alexandrina Cove For personal use only 15
Slide 16: Development Performance
Development Performance FY26 v Settled Sales up 45% x Profit per Sale up 18% = Realised Development Profit up 71% FY25 For personal use only Settled Sales - # Average Sale Price & Profit Realised Development Profit ($m) 200 $600k $30 180 $500k 160 30 + NAV uplift on newly leased Lifestyle sites 140
Slide 17: Keeping Sale Prices Affordable while Extracting Higher Margin
Keeping Sale Prices Affordable while Extracting Higher Margin Lifestyle House Sales $700,000 35% 34% 33% For personal use only 31% 31% $600,000 30% 30% 28% $642k or 58% below average price of Australia’s $500,000 residential dwellings2 25% $464k $469k $400,000 $418k 20% $366k $332k 15% $300,000 $276
Slide 18: Lifestyle Development Business is Profitable and Capital Light
Aspen’s Lifestyle Development Business is Profitable and Capital Light Total value creation of $167k per house sold / site leased in FY26 Capital released – profit on house sale is more than total cost of producing the retained leased site NAV accretive – value of the retained leased site is more th
Slide 19: Development Setup for FY27 and Beyond
Development Setup for FY27 and Beyond Development Sales and Settlements - # 350 For personal use only Lifestyle – sales rate slowed over winter, partly due to lack of 300 available finished product over the next 6 months – to date no perceivable change in cancellation rate which remains low FY27 Set
Slide 20: Development Pipeline Upgraded – New Approvals
Development Pipeline Upgraded – New Approvals for 716 Sites1 in 12 Months Development Pipeline - # of Sites Strathalbyn SA Sweetwater Grove NSW Wodonga Gardens VIC For personal use only 2,904 sites across 25 projects Alexandrina Cove SA diversified by product type, customer Meadowbrooke WA base and
Slide 21: Recent Development Approvals
Recent Development Approvals Adelaide Caravan Park (ACP) - Residential Australind – Residential and Lifestyle For personal use only Hackney, a premium residential suburb only 10-minute walk to Adelaide Australind, a suburb of Bunbury, WA’s second largest city with a CBD and Oval - local median h
Slide 22: Australind BTR WA
For personal use only Australind BTR WA22
Slide 23: Australind WA
For personal use only Australind WA23
Slide 24: Capital
Wallaroo SA 3 For personal use only Capital 24
Slide 25: New Acquisition - Adelaide Metro Portfolio
New Acquisition - Adelaide Metro Portfolio Glandore Vendor • ECH (Enabling Confidence at Home) – Adelaide-based NFP • Acquired under competitive, public sales process – expected to settle September 2026 For personal use only Portfolio Overview • Adelaide inner-metro locations • 20 individual propert
Slide 26: Adelaide Metro Portfolio
Adelaide Metro Portfolio Locations Croydon For personal use only Leabrook Hyde Park 5km radius is from Adelaide CBD and approximate 26
Slide 27: Strong Balance Sheet Supports Growth Initiatives and Reduces Risk
Strong Balance Sheet Supports Growth Initiatives and Reduces Risk Interest Cover Ratio3 30 Jun 25 30 Jun 26 Change 8.0x 7.1x 7.0x 6.2x Total Property and Inventory $681m $834m 22% 6.0x 5.3x For personal use only 5.0x 4.6x 4.2x Net Financial Debt ($87m) ($153m) 76% 3.7x 4.0x 3.0x 2.0x Aspen’s debt is
Slide 28: High Yielding Portfolio with Strong Real Growth Potential
High Yielding Portfolio with Strong Real Growth Potential 30 Jun 25 30 Jun 26 Change Portfolio expanded 14% to 7,222 dwellings/sites Rental Pool Dwellings & Sites # 4,156 4,316 4% Rental Pool: For personal use only Acquired Adelaide Villa Portfolio SA and Surry Book Value (ex. spare development la
Slide 29: Outlook and Guidance
Aspen Lifestyle Strathalbyn SA 4 For personal use only Outlook and Guidance 29
Slide 30: Outlook and Guidance
Outlook and Guidance Rentals Long term − Expected to remain essentially fully occupied For personal use only − Average gross rent per dwelling/site roughly 10% below market and expected to increase 4-5% per annum − CoVE UMG facilities redevelopment expected to complete in 1Q27 - expect NRI to incr
Slide 31: FY27 Guidance Upgraded
FY27 Guidance Upgraded Acquisitions & Disposals FY27 Guidance1,2,3 Acquisition of ECH Portfolio and sales of Barlings Beach, Black Dolphin and 55 Lynn Street Trigg expected to settle in September - October and negatively impact FY27 NRI by ~$0.7m net Net Rental Income For personal use only Rents
Slide 32: Appendix Property Portfolio
For personal use only Appendix Property Portfolio 32
Slide 33: Aspen is Helping Solve Australia's Housing Problems
Aspen is Helping Solve Australia’s Housing Problems Community For personal use only Indigenous Programs Engagement Working with local indigenous groups to ensure Creating competitively priced Supporting over 10 sporting groups, cultural integrity and to maintain heritage items schools, clubs housing
Slide 34: Portfolio Summary
Portfolio Summary Dwellings/Sites Mix1 State Mix2 For personal use only Development Pipeline - Planned Rental Pool - 20% Dwellings 28% Development 6% Pipeline - Approved 20% Rental Pool - Land Sites 32% 5% 48% Location Mix2 19% 19% Regional 29% 3% Metropolitan 71% 1. Mix weighted by # of approved an
Slide 35: Total Portfolio including Residential Land Development Inventory
Total Portfolio including Residential Land Development Inventory Total Portfolio For personal use only Rental Pool Development Combined Book Value1 Value per State Cap Rate ($m) Dwelling/Site Dwellings Sites Total Approved Planned Total Total Residential 1,122 - 1,122 407 802 1,209 2,331 $400 4.92%
Slide 36: Residential Living
Residential Living Residential Living Rental Pool Development Combined Book Value1 Value per For personal use only State Cap Rate ($m) Dwelling/Site Dwellings Sites Total Approved Planned Total Total Perth Apartment Portfolio WA 509 - 509 9 36 45 554 $221.7 4.59% $400k Australind Grove2 WA 38 - 38 3
Slide 37: Lifestyle
Lifestyle Lifestyle Rental Pool Development Combined For personal use only Book Value1 Value per State Cap Rate2 ($m) Dwelling/Site Dwellings Sites Total Approved Planned Total Total Sweetwater Grove NSW 24 140 164 35 - 35 199 $25.1 5.75% $126k Four Lanterns NSW 1 133 134 - - - 134 $21.1 5.15% $157k
Slide 38: Parks
Parks Parks Rental Pool Development Combined For personal use only Book Value1 Value per State Cap Rate ($m) Dwelling/Site Dwellings Sites Total Approved Planned Total Total Highway One SA 100 165 265 88 125 213 478 $45.3 7.75% $95k Adelaide Caravan Park SA 47 40 87 120 - 120 207 $21.5 6.75% $104k C
Slide 39: Residential Land Development Inventory
Residential Land Development Inventory For personal use only Residential Land Development Rental Pool Development Combined Book Value1 Value per State Cap Rate ($m) Dwelling/Site Dwellings Sites Total Approved Planned Total Total Mount Barker SA - - - 49 - 49 49 $7.7 N/A $156k Coorong Quays SA - - -
Slide 40: Rentals – Financial Summary by Property Type
Rentals – Financial Summary by Property Type Residential (Dwellings) Parks (Mixture) Lifestyle (Sites) Total Portfolio For personal use only FY25 FY26 Change FY25 FY26 Change FY25 FY26 Change FY25 FY26 Change # Dwellings/Sites 1,059 1,075 1% 2,216 2,243 1% 708 903 28% 3,984 4,222 6% (Period Average)
Slide 41: Creating More Value from Every $ of Rent Charged to Customers
Creating More Value from Every $ of Rent Charged to Customers Contributions to Total NRI Growth Majority of NRI growth has been generated from increasing the size of the Rental Pool (acquisitions net of sales (recycling) and development) and margin expansion (strong operational management, property
Slide 42: Development – Financial Summary by Segment
Development – Financial Summary by Segment Lifestyle (Dwellings) Residential (Land Lots) Total Portfolio FY25 FY26 Change FY25 FY26 Change FY25 FY26 Change For personal use only # Settled Sales 77 131 70% 34 30 (12%) 111 161 45% Average Sale Price (inc. GST) $464k $469k 1% $226k $341k 51% $391k $445
Slide 43: Debt Facility and Interest Rate Hedging
Debt Facility and Interest Rate Hedging Key Metrics 30 Jun 25 30 Jun 26 Change For personal use only Total Assets $733m $918m 25% Net Debt $87m $153m 76% Net Asset Value (NAV) $546m $601m 10% Securities (period end) 226m 228m 1% NAV per Security $2.41 $2.64 10% NAV per Security (excluding DTL) $2.54
Slide 44: Disclaimer
For personal use only Disclaimer Aspen Group (ASX: APZ) comprises the stapling of Aspen Group Limited and Aspen Property Trust ("Aspen"). The Responsible Entity (“RE”) of the Aspen Property Trust is Evolution Trustees Limited (ABN 29 611 839 519, AFSL 486217). This presentation has been prepared by